Thought Leadership

Paper Gold: Utopia for Alchemists

Paper Gold: Utopia for Alchemists

By John Hathaway on January 7, 2016

An acute shortage of readily marketable physical gold is developing that we believe will deepen in years to come. This possibility seems to be unrecognized by those who are short the gold market through paper contracts. The relentless dumping of synthetic or paper gold contracts since 2011 by speculators in Western financial markets has caused …

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Tocqueville Gold Strategy Investor Letter First Quarter 2012

Tocqueville Gold Strategy Investor Letter First Quarter 2012

By John Hathaway on April 9, 2012

During the first quarter of 2012, precious metals equities, as measured by the XAU index, declined 2.4% to 175.46, while gold bullion rose 6.7% to $1668.35.  In our opinion, the first quarter consisted of an important test of the low made by the metal in December at $1522.65.  Precious metals shares have been marking time …

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Tocqueville Gold Strategy Investor Letter Third Quarter 2014

Tocqueville Gold Strategy Investor Letter Third Quarter 2014

By John Hathaway on October 3, 2014

Through September 30, the $US gold price declined 6%, after giving up much of the stronger gains that had been achieved through most of the year. The recent bout of weakness began in late August and coincided with the breakdown of the Yen and the Euro vs. the US dollar. Commentary from all quarters is …

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Tocqueville Gold Strategy Investor Letter First Quarter 2013

Tocqueville Gold Strategy Investor Letter First Quarter 2013

By John Hathaway on April 11, 2013

The bottoming process in gold and gold mining shares continues to be an extended and frustrating affair.  Nevertheless, the fundamental rationale for positioning physical bullion and gold mining shares seems more compelling than ever.  The metal dropped approximately 4.5% during the quarter, but the mining shares (basis XAU) dropped almost 19%. From the September 2011 …

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Tocqueville Gold Strategy Investor Letter Third Quarter 2015

Tocqueville Gold Strategy Investor Letter Third Quarter 2015

By John Hathaway on October 12, 2015

Financial market turmoil has been what was needed to rekindle investment interest in gold, as we have argued in our investor letters this year, here and here. The onset of a bear market is what we envisioned in making this statement. A preliminary glimpse of what is what is needed to turn the tide for …

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